The specific legislative requirements of the Community Schemes Ombud Service (CSOS) Act have made insurance compliance quite the minefield for trustees and executives of the collective property schemes industry. Our highly specialist knowledge of all the risks involved in this burgeoning industry enable us to ensure that such schemes have the correct insurance cover. Santam Specialist Real Estate offers a diverse range of specialised insurance solutions – including sectional title schemes, home-owners associations, sectional title office parks/blocks and retirement villages – as well as the broader real estate industry, including property developers.
In addition, we have just introduced a new commercial sectional title product for sectional title office blocks or parks, light industrial parks and warehouse parks. These insurance solutions meet the requirements as set out by legislation.
Designed to cover the insurance needs of commercial sectional title properties
Real estate insurance has become increasingly complex, therefore needs the assurance of a strong, stable, specialist insurance company with the technical expertise to tailor appropriate and comprehensive solutions for this industry. Real estate managers are faced with a range of complex risks, with significant financial implications that can mean the difference between business success and failure. From office building or equipment damage to employee injuries onsite, property managers can now enjoy essential cover for their commercial real estate business.
For example, should an office or warehouse park development have inadequate building and/or machinery cover and the building suffered fire or flood damage, this could lead to business interruption for the business entity that occupies the sectional title. It may lead to the business not being able to continue or resume their operation timeously, and result in it losing customers or not fulfilling essential deliveries/orders as per client contracts.
In such an instance, it’s important to be insured by a company with a vast and mature claims network and capability. As South Africa’s largest short-term insurer, Santam is also a financially sound, profitable company with an excellent record.
Special features of the insurance solution
Our innovative product combines cover for buildings, common area contents, money, machinery breakdown, liability and fidelity risk and computer crime, to mention a few. The fidelity cover is available to comply with the Sectional Title Schemes Management Act (STSM Act) and Community Schemes Ombud Services Act (CSOS Act) legislations to provide community schemes executives and managing agents the peace of mind they require.
We will continue to work in partnership with intermediaries to provide the best possible insurance solutions for residential and commercial collective property schemes to manage their unique risks. Our team of experts offers personalised attention and product structuring services to ensure our solutions are more than just desktop insurance quotations.
For more advice tailored to intermediaries, visit our blog for useful product-related articles.